ACEI'S CHINESE ACQUISITION MOVES FORWARD TO A
SIGNED CONTRACT
ACEI'S CHINESE ACQUISITION MOVES FORWARD TO A SIGNED CONTRACT
SAN JOSE, Calif., Dec 8, 1999 /PRNewswire via COMTEX/ -- American
Champion Entertainment (Nasdaq: ACEI) moves forward from a Letter of
Intent to a signed Stock Exchange Agreement to acquire 80% of the Great
Wall International Sports Media Company ("Great Wall") of China. ACEI
and Great Wall have come to terms after almost two months of
negotiations, and upon the arrival in California of a Great Wall
delegation of four officials including its Chairman Mr. LiXin Niu, the
agreement was reached. Great Wall is a sports promoter in China, and
partnering with ACEI, will be hosting an international professional
boxing match in Beijing scheduled for April 22, 2000. Both sides will
be finalizing the details of the event over the course of the next few
days.
The next steps include submitting the acquisition terms along with
audited financial statements of Great Wall for the year ending December
31, 1999 to the Securities and Exchange Commission for review, and the
Company will also file a proxy to seek stockholders' approval in early
2000. American Champion Entertainment specializes in the development
and acquisition of quality family and sports programming, as well as
development of multi-media consumer products that enlighten and
entertain. The Company produces the Emmy award-winning children's
television series "Adventures with Kanga Roddy" for broadcast on public
TV stations. Visit our website at www.americanchamp.com for more
information about ACEI.
The statements contained in the Press Release contain certain
forward-looking statements, including statements regarding ACEI and its
subsidiary's expectations, intentions, strategies and beliefs regarding
the future. All statements contained herein are based upon information
available to management as of the date hereof and actual results may
vary based upon future events, both within and without the control of
the management of ACEI.
SOURCE American Champion Entertainment
(C) 1999 PR Newswire. All rights reserved.
prnewswire.com
-0-
CONTACT: Jennifer Baker, Investors Relations of American Champion
Entertainment, 408-288-8199, ext. 8181
WEB PAGE: americanchamp.com |
